#ITCVegas is an ideal opportunity to meet with MGAs, carriers, and reinsurers to discuss how technology can help power innovation and change the industry wants and needs to embrace. But it’s a tricky proposition. Change isn’t easy when the market doesn’t slow down and more often than not, the pressure is to move faster, more efficiently, and more purposefully.
Moving quickly with purpose is complicated. Technology has been used to help reduce costs and increase speed to market, but tech can also address the changing needs of a business that is under pressure to underwrite more, take on additional risk, and decrease losses, while increasing profitability to enable continued investment in improvement.
In-house technology teams can only do so much, and while there’s still the feeling that the unique demands of the business require a custom solution, that’s rarely the case. Frankly, there isn’t the time, resources, and ability to sustain in-house development. It’s not a question of being capable, it’s more about whether this is the most responsible thing to do given the requirement to affect meaningful change in a short period of time that is fiscally responsible.
Send developed our Underwriting Workbench to enable organizations to better manage underwriting workflow, while realizing operational efficiency and an ability to ensure underwriters are spending precious time managing what they should: assessing risk and providing a coverage solution that’s in the best interests of the insured.
What I am hearing at ITC is that technology and underwriting need to be partners in change, leveraging workflow automation to reduce redundant, manual activities and serve as a catalyst to unlock capacity. With carriers and MGAs facing increasing pressure to grow, a robust and scalable platform is the key to enabling business development with the confidence that underwriting can manage increased demand efficiently and profitably.
Co-Founder and COO